Rick's Cabaret International, Inc. Revenues Climb 18.23 Percent in Second Quarter Ending March 31, 2009
Rick's Cabaret International, Inc. (NASDAQ: RICK) says revenue from its upscale gentlemen's clubs climbed 18.23 percent to $18.07 million in the quarter ending March 31, 2009.
The company said the increase was due to contributions from its midtown Manhattan Rick's Cabaret and as a result of branding conversions of clubs in Philadelphia and Dallas. Same store sales declined by 7.60 percent to $14.05 million.
'Despite the tough economic environment we continue to make gains at our key Rick's Cabaret/New York City club where we had a solid quarter and a particularly strong March,' said Eric Langan, President and CEO of Rick's Cabaret. 'While we have seen slippage in some other markets we are pleased with the results of our club rebranding in Dallas and Philadelphia, and our aggressive new marketing program in Las Vegas.'
During the quarter the company converted the Rick's Cabaret in Philadelphia to a Club Onyx format catering to African-American gentlemen, converted the Rick's Cabaret in Dallas to its XTC Cabaret format serving a younger and more blue-collar clientele, and began new marketing initiatives for the Rick's Cabaret/Las Vegas that have resulted in increased market share.
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